Stockholders' Equity

6 Months Ended

Jul. 29, 2023

(9) Stockholders’ Equity

Earnings per Share

Basic earnings per share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding, reduced by the number of shares repurchased and held in treasury, during the period. Diluted earnings per share represents basic earnings per share adjusted to include the potentially dilutive effect of outstanding share option awards, nonvested share awards and nonvested share unit awards.

The following table sets forth the computation of basic and diluted earnings per share for the periods presented:


	Thirteen Weeks Ended					Twenty-Six Weeks Ended
	July 29,			July 30,		July 29,			July 30,
	2023			2022		2023			2022
Net (loss) income	$	(3,288	)	$	14,614	$	(18,927	)	$	16,612
Weighted average shares of common stock outstanding:
Basic		37,498			41,962		37,546			42,950
Dilutive effect of common stock equivalents		—			232		—			230
Diluted		37,498			42,194		37,546			43,180
Basic (loss) earnings per share	$	(0.09	)	$	0.35	$	(0.50	)	$	0.39
Diluted (loss) earnings per share	$	(0.09	)	$	0.35	$	(0.50	)	$	0.38
Restricted stock units considered anti-dilutive and excluded in the calculation		570			166		359			150

Repurchase Program

On March 24, 2022 the Company announced that its Board of Directors had authorized a share repurchase program (the “Repurchase Program”) to allow for the repurchase of up to $75.0 million of outstanding shares of the Company’s common stock, $0.01 par value per share, commencing on March 31, 2022. On March 15, 2023, the Company's Board of Directors extended the term of the Repurchase Program through March 31, 2024. During the 13 weeks ended July 29, 2023, the Company repurchased approximately 0.4 million shares of its common stock for $2.1 million, utilizing cash on hand and available borrowings under its Revolving Line of Credit. During the 26 weeks ended July 29, 2023, the Company repurchased approximately 0.5 million shares of its common stock for $2.7 million, utilizing cash on hand and available borrowings under its Revolving Line of Credit. The Company has retired all repurchased stock.